Greater Toronto Realtors reported 4,399 residential sales through the Toronto MLS system in December 2019. The number of transactions in December jumped by 17.4% compared to 3,746 in December 2019. GTA-wide, sales were up on a year-over-year basis for all major home types.
Total sales for calendar year 2019 amounted to 87,825-up by 12.6% compared to the decade low 78,015 sales reported in 2018. On an annual basis, 2019 sales were in line with the median annual sales result for the past decade.
For the region as a whole the detached home type in the GTA experienced the largest sales increase in December at 26.2%.
“We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year. As anticipated, many home buyers who were initially on the sidelines moved back into the market place starting in the spring. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year,” said TREB’s President Michael Collins.
The number of new listings reported in December 2019 was down by 18.1% compared to December 2018. The number of active listings reported in December 2019 was down by 35.2% compared to December 2018. Both statistics support tighter market conditions across all home types.
The average price in December was up by 11.9% from the same time last year to $837,788. Detached homes in the GTA led the way in terms of an average price increase at 11.6% compared to the same time last year. For calendar year 2019, the average selling price was $819,319- up by 4% compared to $787,856 in 2018.
“Over the last ten years, TREB has been drawing attention to the housing supply issue in the GTA. Increasingly, policy makers, research groups of varying scope and other interested parties have acknowledged that the lack of a diverse supply of ownership and rental housing continues to hamper housing affordability in the GTA. Taking 2019 as an example, we experienced a strong sales increase up against a decline in supply. Tighter market conditions translated into accelerating price growth. Expect further acceleration in 2020 if there is no relief on the supply front,” said Jason Mercer, TREB’s Chief Market Analyst.
Sales of Toronto (416 area code) condominium apartments increased by 5.1% in December 2019. The average price of a 416 condo apartment increased by 10.3% in December 2019 from the same time last year to $656,233.
Condominium apartments accounted for 28.5% of total GTA sales in December while detached homes accounted for 45.1% of the total sales.
Other notable statistics include the average days on the market in the GTA for December at 29 days, down from 31 days a year earlier. The sales-to-listings ratio for December 2019 was 59.4% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range
Real estate is very neighbourhood specific, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
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